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Fintech companies, including OPay, Moniepoint and others, have started notifying their customers of plans to begin deduction of N50 Electronic Money Transfer Levy (EMTL) from every inflow of N10,000 and above received by their customers with effect from tomorrow, September 9.
According to the fintech companies, this deduction followed a directive by the Federal Inland Revenue Service (FIRS).
This mandatory deduction brings to an end the era of free banking services that some of the fintechs provide, though the charges are remitted to the federal government.
The free banking services had made these fintech companies attractive to the members of the public, especially small and medium-scale business owners, students, and the downtrodden.
The regulations provide for a one-off levy of N50 on the recipient of any electronic receipts or transfers of N10,000 or above. For equivalent receipts or transfers carried out in other currencies, the levy will be charged at the exchange rates determined by the Central Bank of Nigeria (CBN).
In December 2023, the FIRS directed deposit money banks to deduct and remit Electronic Money Transfer Levy (EMTL) on foreign currency (FCY) transactions going forward. Within the first five months of this year, a total of N78.95bn was accrued to the government from the N50 levy imposed on electronic bank transfers.
In recent times, the Electronic Money Transfer Levy has become an integral part of Nigeria’s tax system. This levy is, among others, primarily designed to generate revenue for the government. The Finance Act, 2019 amended various subsets of the existing tax and fiscal legislation at the time, including the Stamp Duty Act (SDA).
The Finance Act, of 2023 stipulates that revenue accruing by the operation of EMTL shall be distributed to the three tiers of government based on derivation with the federal government receiving 15 per cent; state governments receiving 50 per cent and the local governments receiving 35 per cent of the EMTL realised.
The regulations mandate the receiving bank to collect and remit the levy to the FIRS by the next working day after the transaction date or on such other date as prescribed by the FIRS.
In addition, the receiving bank is required to deduct the levy from the amount payable if the receiver is a walk-in customer who does not have an account with the bank.
[PRESS RELEASE] NNPC Ltd Not the Sole Offtaker; Market Open to Lower Prices from Any Domestic Refinery
Admin![[PRESS RELEASE] NNPC Ltd Not the Sole Offtaker; Market Open to Lower Prices from Any Domestic Refinery](/media/k2/items/cache/65a1d66e35c59f54c3298d382fcb0d69_L.jpg?t=20240907_142210)
The attention of the NNPC Ltd has been drawn to a press release by the Muslim Rights Concern, MURIC, which claims that the Dangote Refinery Limited (DRL) is being undermined by actions of the Nigerian
National Petroleum Company Limited (NNPC Ltd). Specifically, MURIC asserts that recent changes to the pump price of Premium Motor Spirit (PMS) will prevent the Dangote Refinery from offering lower
prices and that NNPC Ltd has become the sole offtaker of all products from the refinery.
To set the records straight, NNPC Ltd wishes to further state as follows:
- The pricing of petroleum products from any refinery, including the Dangote Refinery Ltd (DRL), is determined by global market forces.
The recent changes in PMS prices have no impact on the DRL or any other domestic refinery's access to the Nigerian market. In fact, if current prices are perceived as high, it presents an ideal opportunity
for the refinery to sell its products at lower prices in the Nigerian market.
- Furthermore, we emphasize that there is no guarantee of lower prices associated with domestic refining compared to any global parity pricing framework, as confirmed by the DRL. The NNPC Ltd will only fully offtake PMS from the DRL if the market prices of PMS are higher than the pump prices in Nigeria. The DRL and any other domestic refinery are free to sell directly to any marketer on a willing buyer, willing seller basis, which is the current practice for all fully deregulated products. NNPC Ltd has no desire or intention to become the distributor for any entity in a free market environment, and therefore, the notion of becoming a sole offtaker does not arise.
- The NNPC Ltd cannot undermine a business in which it holds a billion dollar stake. 4. As an advocacy group for fair and just treatment, MURIC should have verified the facts before making statements that are entirely flawed and has the potential to incite ordinary Nigerians against the NNPC Ltd.
Olufemi Soneye
Chief Corporate Communications Officer
NNPC Ltd
President Bola Tinubu has expressed his commitment to replicate China’s infrastructure in Nigeria, following his visit to China.
He made this known during a meeting with the Nigerians in Diaspora Organisation in China (NIDO China) and the Nigerian community in Beijing.
Ajuri Ngelale, the President’s spokesman, said in a statement, that his discussion with President Xi Jinping and participation at the 2024 Forum on China-Africa Cooperation (FOCAC) summit highlighted the importance of investing in infrastructure, trade, finance, energy, green economy, and mining.
He emphasised the need for innovative teaching methods and a flourishing business environment.
President Tinubu urged Nigerians in China to be good ambassadors and represent Nigeria positively.
He stressed the importance of discipline and commitment to national service, citing China’s disciplined society as an example.
“I cannot tell you more, except from the embassy, that China is a disciplined society and we have to be disciplined too. Without discipline and commitment, we cannot build a nation that is respected everywhere in the world.
“We must exploit our diversity and be ready to do everything required of us within the laws of the communities that we live in and reflect a good image of our country,” the President said.
The President assured Nigerians in Diaspora that the Bank of Industry was prepared to collaborate with them to leverage opportunities in Nigeria.
He acknowledged the impact of investments in China’s economy and the need for bold decisions to drive Nigeria’s prosperity.
Dr Oche Barnabas, President of NIDO China, commended President Tinubu for strengthening Nigeria-China relations.
He requested the President’s assistance in advocating for Nigeria to be officially recognised as a native English-speaking nation, which would open up job and educational opportunities for Nigerians in China.
The Chairman of NIDO China pledged the organisation’s continued support for President Tinubu’s administration and efforts to elevate Nigeria’s global standing.
The Central Bank of Nigeria (CBN) says it has approved 20,000 dollars each for eligible Bureau de Change (BDCs) at the rate of N1,580 to a dollar.
This is according to a statement issued by Dr Williams Kanaya, the acting director, Trade and Exchange Department of the apex bank.
“This is to inform the BDC operators and the general public that we are providing more liquidity into the market.
“To this end, the CBN has approved the sale of 20,000 dollars to each eligible BDC operators at the rate of N1,580/dollar. This is to meet the demand for invisible transactions.
“All BDCs are allowed to sell to eligible end-users at a margin not more than one per cent above the purchase rate from CBN.
“Eligible BDCs interested in this transaction are directed to make the Naira payment to the CBN deposit account numbers with them,” he said.
He said that payment confirmation and all necessary documentation for disbursement are to be submitted at the appropriate CBN branches in Abuja, Awka, Kano, and Lagos for collection of the 20,000.00 dollars. (NAN)
The Nigerian National Petroleum Company Limited (NNPC) has clarified its stance regarding the recent accusations by the Muslim Rights Concern (MURIC), which suggested that NNPC’s actions were undermining the operations of Dangote Refinery Limited (DRL).
According to a statement issued on Saturday by Olufemi Soneye, the Chief Corporate Communications Officer of NNPC, the company refuted claims that changes in the pump price of Premium Motor Spirit (PMS) would prevent the Dangote Refinery from offering competitive prices.
NNPC emphasized that it is not the sole buyer of petroleum products in Nigeria and that the market remains open for competitive pricing from any local refinery, including DRL.
They reiterated that pricing of products from any refinery, including DRL, is determined by global market forces, and current high prices present an opportunity for local refineries to sell at lower rates.
The company also dismissed the claim that it is the sole offtaker of products from DRL, stating that domestic refineries are free to sell directly to any marketer on a “willing buyer, willing seller” basis.
The NNPC assured the public that they hold no exclusive rights to distribute Dangote Refinery’s products and that their role in the market remains transparent and competitive.
The company statement reads: “The attention of the NNPC Ltd has been drawn to a press release by the Muslim Rights Concern, MURIC, which claims that the Dangote Refinery Limited (DRL) is being undermined by actions of the Nigerian National Petroleum Company Limited (NNPC Ltd). Specifically, MURIC asserts that recent changes to the pump price of Premium Motor Spirit (PMS) will prevent the Dangote Refinery from offering lower prices and that NNPC Ltd. has become the sole offtaker of all products from the refinery.
“To set the records straight, NNPC Ltd. wishes to further state as follows:
“1. The pricing of petroleum products from any refinery, including the Dangote Refinery Ltd. (DRL), is determined by global market forces. The recent changes in PMS prices have no impact on the DRL or any other domestic refinery’s access to the Nigerian market. In fact, if current prices are perceived as high, it presents an ideal opportunity for the refinery to sell its products at lower prices in the Nigerian market.
“2. Furthermore, we emphasize that there is no guarantee of lower prices associated with domestic refining compared to any global parity pricing framework, as confirmed by the DRL. The NNPC Ltd. will only fully offtake PMS from the DRL if the market prices of PMS are higher than the pump prices in Nigeria. The DRL and any other domestic refinery are free to sell directly to any marketer on a willing buyer, willing seller basis, which is the current practice for all fully deregulated products. NNPC Ltd. has no desire or intention to become the distributor for any entity in a free market environment, and therefore, the notion of becoming a sole offtaker does not arise.
“3. The NNPC Ltd. cannot undermine a business in which it holds a billion-dollar stake.
“4. As an advocacy group for fair and just treatment, MURIC should have verified the facts before making statements that are entirely flawed and has the potential to incite ordinary Nigerians against the NNPC Ltd.”
The Edo State Government has announced an indefinite postponement of resumption of all schools in the state over the hike in fuel price.
The government announced this in a memo by the Permanent Secretary in the Ministry of Education, Ojo Akin-Longe, in Benin on Saturday.
The permanent secretary said the resumption, scheduled for Sept. 9, was postponed until further notice.
Neighbor recounts how woman abused 12 years old niece, burnt her with hot knife and forced.....
“The Edo State Government hereby announces the postponement of the resumption of all public and private schools in Edo State, originally scheduled for Monday, 9th September 2024, until further notice.
“An official statement from the government has directed that schools remain closed due to the tension arising from the recent increase in fuel prices and the challenges faced by parents and guardians.
“The government urges parents, guardians, and caregivers to monitor the activities of their children and wards closely, given the current situation and the rising tension caused by the fuel price hike,” Akin-Longe said.
(NAN)
Chief Ajuri Ngelale, the Special Adviser to President Bola Tinubu on Media and Publicity, has commenced an indefinite leave of absence attributed to pressing family medical challenges.
In a statement on Saturday, Ngelale revealed that he had submitted a memo to the Chief of Staff to the President, Femi Gbajabiamila, informing him of the development.
The leave will affect his roles not only as the President Tinubu’s spokesperson but also as the Special Presidential Envoy on Climate Action and Chairman of the Presidential Steering Committee on Project Evergreen.
Ngelale described the decision as “agonizing,” saying it was made after extensive consultations with his family over the past several days.
He cited a “vexatious medical situation” that has worsened at home as the primary reason for his leave.
“While I fully appreciate that the ship of state waits for no man, this agonizing decision — entailing a pause of my functions as the Special Adviser to the President on Media & Publicity and Official Spokesperson of the President; Special Presidential Envoy on Climate Action, and Chairman, Presidential Steering Committee on Project Evergreen — was taken after significant consultations with my family over the past several days as a vexatious medical situation has worsened at home,” he wrote.
The president’s spokesman expressed his intention to return to work when circumstances permit, saying, “I look forward to returning to full-time national service when time, healing, and fate permit.”
Ngelale requested privacy for himself and his family during the challenging period.
The leave comes amid President Tinubu’s ongoing state visit to China where the Nigerian leader has held discussions with President Xi Jinping and participated at the 2024 Forum on China-Africa Cooperation (FOCAC) Summit.
[thewhistler]
President Bola Tinubu says the increase in petrol price is a “bold and unprecedented decision” necessary for Nigeria’s growth.
Tinubu spoke on Friday at a meeting with Nigerians in Beijing, China, after rounding off his official engagements in the country.
In a statement by Ajuri Ngelale, presidential spokesperson, Tinubu said the petrol price hike and other reforms by his administration are part of an overall strategy to set Nigeria on the path of economic growth.
“Nigeria is going through reforms, and we are taking very bold and unprecedented decisions. For example, you might have been hearing from home in the last few days about fuel prices,” the president was quoted as saying.
“But, can we help it? Can we develop good roads like you have here? You see electricity being constant in quantity and quality. You see water supply, constant and running, and you see their good schools. And we say we want to hand over a banner without stain to our children?
“What is the critical part to get us there if we cannot take hard decisions to pave the way for a country that is blessed and so talented?
“So many of you are so talented, speaking very fluent Mandarin. It is what you contribute and tell them at home that will reflect in the attitude of our people.
“The more you want everything free, it will become more expensive and long-delayed to achieve meaningful development.’’
On September 3, the Nigerian National Petroleum Company (NNPC) Limited increased the pump price of petrol to N855 across its retail outlets amid long queues at filling stations.
The development followed a protracted scarcity which has strained business activities nationwide.
Media reports attributed the price adjustment to a directive of the federal government asking the NNPC to sell at N1,000 but Heineken Lokpobiri, minister for petroleum resources (oil), said the ministry never gave the national oil company such a directive.
Tinubu said while it is not always easy to have a national consensus on issues, he is ready to take the hard decisions to move the nation forward.
“One economic action leads to another, and it is in your hand to build our nation. Mine is to provide the leadership, and I am committed to doing just that. We are focused, and I have a very good team,” the president said.
Tinubu added that he is committed to replicating China’s infrastructure in Nigeria.
The Federal Ministry of Education has clarified that it has not prohibited students under 18 from taking the West African Senior School Certificate Examination (WASSCE) and the National Examinations Council (NECO) exams.
The Minister of State for Education, Dr Yusuf Sununu, made the clarification in Abuja on Friday while fielding questions from journalists at an event to mark the 2024 International Literacy Day, ILD.
Recall that Education Minister Tahir Mamman had on August 25th said the Federal Government instructed the West African Examinations Council, WAEC, and the National Examinations Council, NECO, not to allow underage children to write their examinations.
But Sununu said that the public misconception and misinterpretation of what was said by the Minister of Education, Prof. Tahir Mamman, was highly disappointing.
He said that the minister was actually speaking on the 18 years entry age into the tertiary institutions as was practiced in the 6:3:3:4 system of education.
“We have agreed that we are going to consider it as a work-in-progress. The National Assembly is working and we are also working.
“It was shocking to say that a university in this country gave admission to children at ages 10, 11 and 12 years. This is totally wrong.
“We are not saying that there are no exceptions, we know we can have talented students that have the IQ of an adult even at age 6 and 7, but these are very few.
“There must be a rule, and the ministry is looking at developing a guideline on how to identify a talented child, so that parents don’t say we are blocking their children’s chances.
“Nobody said no child will write WAEC, NECO or any other examination unless at age 18. This is a misconception and misrepresentation of what we have said,” NAN quoted him as saying.
As hardship in Nigeria has increased since President Bola Tinubu took office, Senior Pastor Adewale Giwa of Awaiting The Second Coming of Christ Ministry has cautioned Nigerians that Tinubu is not the Messiah they are hoping for.
Since Tinubu assumed office, Nigerians have been lamenting over the rate of hunger and increased prices of items due to policies of his administration.
The current economic downturn in Nigeria has been traced to Tinubu’s announcement to end the fuel subsidy regime.
Speaking during his inaugural speech in Abuja on May 29, 2023, Tinubu had said fuel subsidy regime was “gone”.
Lamenting over the current situation, Pastor Giwa, in a statement, said: “Tinubu is not the Messiah Nigerians are expecting, he is not the one God wants to use in solving the crisis of Nigerians.
“Nigerians should not rejoice over Tinubu’s presidency because there will be no way out, the solution to insecurity and economy is not with Tinubu.
“Under Tinubu, everything will be destroyed and Nigeria will disintegrate if Tinubu is sworn in after Buhari’s tenure. This is why Tinubu should return the certificate of return back to INEC.”
The clergyman likened Tinubu to the Bibilical Abimeleck who was the “son of Gideon in the book of Judges 9 who forced himself to become the King of Shechem after killing 70 of his brothers, yet there was no peace within three years of his reign”.
He added: “I’m certain that Tinubu is not the Messiah that will lead us to the Canaan land, no good thing will come out of his administration, he has no plans to return Nigerians to God.”
More...
The local currency's decline worsened yesterday, with the naira falling to N1,639.41 per dollar at the official exchange rate.
The figure yesterday indicated a whooping loss of N34 after the dollar exchanged for N1,606 the previous day, according to the Nigerian Autonomous Foreign Exchange Market (NAFEM) rate.
Also the black market rate also dipped yesterday as the naira lost N5 against the dollar, exchanging at N1,645/$1, as against N1,640 the previous day.
The Yoruba Council of Elders, YCE, has appealed to President Bola Tinubu to alleviate the suffering of the masses.
They also urged him not further worsen the pains with the hike in petrol price across the nation.
The YCE, in a statement by its General Secretary, Oladipo Oyewole, said though it was hopeful that there will be a positive turnaround in the country, “there is, presently, a lot of suffering in the land.”
The statement reads;
“The YCE remains hopeful that Nigeria will have a turnaround. However, going by scanty information available on Government pursuits and activities, there is, presently, a lot of suffering in the land. Be that as it may, we of YCE stand on our strong position that the interest of the masses to live a good life should be given full attention.
Without regular supply of electricity and with the official announcement of an increase in the price of Petroleum Products (PMS), the current hardship cannot but be increased in daily living by Nigerians. The Federal Government ought to immediately pursue every avenue to make available to our people, the dividends of democracy. Not through the distribution of palliatives (that does not seem to filter to the bottom) but by putting in place avenues to enhance proper/quality living through effective governance administration.
Every Nigerian should be entitled to enjoy our common resources. Indeed, Nigerians are suffering deeply at this time, no light, no fuel, no food. Mr President should, without delay, revisit his drawing board to attend to the short-term needs of Nigerians (the immediate needs of the people) whilst pursuing the long-term vision of making Nigeria a better place for growth and development
As Elders, YCE wants immediate succour for the people to boost the welfare of Nigerians so that all can live in comfort and harmony
As far as this Elders Council is concerned a lot of administrative work by government is (absolutely) required for the masses of this country to live, stay alive as respectable and responsible people. The state of this nation today is a pill that has a bitter taste.
The administration of President Bola Tinubu should do something quickly to ensure proper steering of its intentions to establish and install better governance in Nigeria.
Infact, the Presidency should doall possible to alleviate the suffering of all Nigerians immediately and without delay.”
Ekiti State Governor, Mr Biodun Oyebanji, has approved a work-from-home arrangement for civil servants in the state.
The arrangement is aimed at further cushioning the effect of the current economic situation on workers in the state.
According to a statement by the Special Adviser on Media to the Governor, Mr Yinka Oyebode, under the new arrangement, officers on levels 01-07 will work from home three days a week.
Also, officers on levels 08-12 are to work from home two days a week, while officers on levels 13-17 will work from home once a week.
The new arrangement, which commences on Monday, September 9, 2024, excludes essential workers like teachers, core health workers in hospitals, and security personnel, among others.
According to the governor’s directive, each MDA is expected to produce a workable schedule for staff to ensure that the new work-from-home arrangement does not jeopardize effective service delivery.
The arrangement will be in place for a period of two months and is subject to periodic review in line with prevailing circumstances.
Also, the arrangement does not affect other palliative measures put in place by the state government, including the monthly wage award for workers and pensioners, and the free bus service for workers and students.
The Biodun Abayomi Oyebanji-led administration is committed to workers’ welfare and will continue to implement necessary measures to enhance their productivity.
[DailyPost]
The federal government has flagged off the sale of 30,000 metric tonnes of milled rice to public servants with duly registered National Identification Number (NIN) to curb racketeering. The move is parts of efforts to crash the prices of food in Nigerian markets.
President Bola Tinubu, who was represented at the flag off by Abubakar Kyari, the minister of agriculture and food security, said the intervention will be sold strictly “one man to one bag or one woman to one bag”.
He said the rice — which is to be sold at a flat rate of N40,000 naira only for 50kg — is the federal government intervention for the sales of subsidised milled rice to ameliorate the prevailing food crises in Nigeria.
“This food intervention can be said to be timely considering the times and challenges we are in as citizens of this great nation,” he said.
“As one of the numerous efforts of the present administration to cushion the effect of high cost of food commodities, kindly join me to applaud the immense efforts of the present administration such as the release of 42,000MT of Assorted Food Commodities (AFC) to vulnerable and the 30,000MT of milled rice which is being flagged-off for sales to Nigerians today 5th September, 2024.”
The minister blamed COVID-19, the Russia-Ukraine war, climate change amidst other localized factors/challenges for the high cost of food prices.
“This has led to increase concern and risk of food insecurity and general decline in the standard of living globally. I therefore urge us to understand that the present challenges are not peculiar to our great country,” he said.
He added that the federal government being aware of the potential challenges associated with the sales of an important staple such as rice, at this critical period has deployed a multi-disciplinary machinery of Government, as well put in place certain processes and conditions to ensure the transparency, wider reach and success of this exercise.
“This includes one man one 50kg of rice, others are the verification of intending beneficiaries using relevant identification mediums such as the National Identification Number (NIN) and phone numbers to forestall multiple access to this food commodity by fraudulent individuals at the detriment of other citizens,” he said.
He implored citizens to cooperate with the relevant citizens to achieve the initiative.
“Let us work together to ensure that the dream of the present administration to upheld the fundamental right to food for all Nigerians is achieved. It is expected that with the injection 30,000MT (1000 trucks of 30MT each of this important staple into Nigeria food balance sheet, it will not only crash the price of rice but also other closer food substitutes and alternatives.”
He called on Nigerians to remain steadfast and be patient with Mr. President as his numerous efforts to enhance Food security will soon begin to pay off.
The director, food and strategic reserve of the ministry, Haruna Sule Abutu outlined the procedure to buy the subsidised rice.
“To qualify for the one person one bag, you must have National Identification Number, of course you have phone numbers and those in public service are all registered under the Integrated Payroll and Personal Information System (IPPIS) platform,” he said.
“Once you have any of these three, at the point of sale, with the NIN logged into the system, a code number and a Treasury receipt will be generated, and with that the buyer can get to the collection center and pick up his bag. The receipt will indicate, time and point of collection to eliminate stampede.”
[BusinessDay]